Editorial Review

Fairway Independent Mortgage Review 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Our Take

4.0

NerdWallet rating

The bottom line: Fairway has lots of loans and a snazzy mobile app, but seeing rates requires supplying personal information.

Loan Types and Products

Find the best lender

Full Review

NOTE:Due to the coronavirus outbreak, obtaining a mortgage may be a bit of a challenge. Lenders are dealing with demand and staffing issues. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

From the usual stable of fixed-rate conventional loans and adjustable-rate mortgages to FHA, USDA, VA, renovation, reverse mortgage and jumbo loans, Fairway has something for nearly every type of borrower. Founded in 1996, Fairway has grown into a national independent brokerage network with more than 7,000 employees — including more than 3,000 loan officers — in over 500 branches. It is headquartered in Madison, Wisconsin, and Carrollton, Texas.

Here's how Fairway Independent Mortgage stacks up against other lenders:

Fairway Independent Mortgage loan products

If you’re looking for a fixed-rate loan, Fairway has several term options: 10, 15, 20, 25 or 30 years, depending on the loan type. Likewise, if you want an adjustable-rate mortgage, Fairway offers those, too, but doesn’t list its ARM terms online. Fairway didn't respond to multiple requests for an interview and information.

One of Fairway's most notable offerings, however, is a renovation loan. With the HomeStyle Renovation Loan, you can combine the cost of remodeling and the mortgage loan amount into one loan, regardless of whether you're purchasing a home or refinancing your current mortgage. This helps you streamline your mortgage payment and the cost of home improvements by avoiding the need for two separate loans.

There's no minimum dollar amount you have to spend on repairs, and you can use the money for all types of remodeling projects. The upgrades must be “permanently affixed to the real property, add value to the property and be completed by a licensed contractor,” according to Fairway’s website. You can even use the renovation loan for energy-efficient upgrades — think solar panels — on your home.

Fairway Independent Mortgage process

Fairway Independent provides a variety of ways to apply. You can:

Use the FairwayNow mobile app. Introduced in 2017, the app sets Fairway apart from many other lenders. With the app, borrowers can apply for a loan in under 10 minutes, securely scan and upload financial documents, find a local loan officer, calculate monthly mortgage payments and connect to home searching sites.

Apply through the Fairway website. Fairway’s eight-step online application process is on par with that of other major mortgage lenders.

Call or visit a branch for face-to-face service. The website features a map to find branches near you. You can also refine your search to find a branch that provides particular services; you can also view profiles of loan officers and email them directly.

In 2018, Fairway introduced a digital closing process, which allows buyers and sellers to preview and approve documents electronically before settlement. The company says the technology streamlines the closing process. Borrowers have a chance to review everything on their own time so they know what they’re signing, and the final closing can be completed in 15 minutes or less.

If Fairway customers have problems or questions, they can contact the company through their loan officer, the FairwayNow mobile app, a customer service call center or an email form on the website. Customers can also check loan status and view messages from loan officers through a 24/7 online loan administration portal.

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.